Kotak
Kotak Essentia Platinum Credit Card
This card is no longer offered by bank
This card is no longer sourceable
This card is no longer offered by bank
Top Benefits
Earn 10 Saving Points
for Every ₹100 spent at Departmental & Grocery Stores, on transactions between ₹1,500 and ₹4,000, with a maximum of 500 Saving Points per month (worth ₹500)
Get Free PVR Tickets
or 1,200 Reward Points on spending ₹1,25,000 every 6 months, with a maximum of 12 free tickets per year valid on any day and any show
Best For
Grocery Shopping
The Kotak Essentia Platinum credit card focuses on delivering high value for everyday shoppers. If yo...
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The Kotak Essentia Platinum credit card focuses on delivering high value for everyday shoppers. If yo...
The Kotak Essentia Platinum credit card focuses on delivering high value for everyday shoppers. If you spend heavily on digital platforms, this card steps up with a strong 5% cashback on all online spends and 1% cashback on offline purchases. What makes this card stand out is the massive monthly cashback cap of Rs. 5000, giving you plenty of room to earn big rewards every statement cycle.
Most cashback cards restrict your earnings to just a few hundred rupees a month or limit benefits to specific partner brands. The Kotak Essentia Platinum Credit Card removes that hassle. Whether you are buying clothes, gadgets, or groceries online, you earn a straight 5% back. Add in the milestone benefits for movie buffs and the straightforward reward redemption value, and you get a practical financial tool for daily use.
View FAQ
Commonly Asked Questions
Is the Kotak Essentia Platinum credit card lifetime free?
No, the card comes with a joining fee of Rs. 1499 and an annual fee of Rs. 749. High-income applicants or those with existing Kotak salary accounts often receive lifetime free upgrades during festive promotional periods.
Is this a good credit card for online shopping?
Yes, it is an excellent choice for online shopping. You get 5% cashback on all online spends up to Rs. 5000 per statement cycle. For example, spending Rs. 10,000 online earns you Rs. 500 in cashback effortlessly.
What salary do I need to apply for this card?
You need a minimum monthly income of Rs. 25,000. This translates to an annual income requirement of Rs. 3 lakh for both salaried and self-employed applicants.
Does this card offer airport lounge access?
No, the Kotak Essentia Platinum credit card does not offer any airport or railway lounge benefits. You can upgrade to a premium travel card like the Kotak Royale Signature to access multiple complimentary lounge visits per quarter.
Expert Review
As a credit card expert reviewing the Kotak Essentia Platinum, I find its value proposition surprisingly strong for dedicated online shoppers. Earning 5% back on all online spends with a Rs. 5000 monthly cap gives it serious heavy-lifting capability. The fact that 1 point equals Rs. 1 makes calculating your exact savings completely transparent.
However, the card does have frustrating limitations. Charging a Rs. 1499 joining fee without offering a welcome bonus feels stingy, especially when competitors offer vouchers equal to their fees. Furthermore, the massive exclusion list that blocks rewards on rent, utilities, and wallets means you have to be very careful about where you swipe. Ultimately, this card is a brilliant dedicated tool for online shopping and movie bookings, but you will need a companion card to handle your everyday utility and offline expenses.
Joining / Annual Fee
Joining Fees
₹1,769 ( ₹1499 + GST )
Annual Fees
₹884 ( ₹749 + GST )
The cost of holding the Kotak Essentia Platinum credit card comes down to two primary charges. When you...
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The cost of holding the Kotak Essentia Platinum credit card comes down to two primary charges. When you...
The cost of holding the Kotak Essentia Platinum credit card comes down to two primary charges. When your card is issued, a one-time joining fee of Rs. 1499 plus GST is charged to your first statement. From the second year onwards, an annual renewal fee of Rs. 749 plus GST applies. There are no direct waiver conditions for the annual fee, requiring a payment of Rs. 749 on your card membership anniversary every year.
However, paying the Rs. 749 annual fee makes sense if you utilize the milestone benefits. For example, spending Rs. 1.25 lakh in six months yields a Rs. 750 cashback bonus, essentially covering your yearly fee in just half a year of regular spending.
View FAQ
Commonly Asked Questions
What are the joining fees for this card?
The one-time joining fee is Rs. 1499 plus applicable GST, which is billed to your first credit card statement.
Is the joining fee offset by any welcome benefits?
No, the card does not offer any welcome benefits to offset the Rs. 1499 joining fee. New applicants can access seasonal promotional offers that provide Amazon or Flipkart vouchers to help offset initial joining costs.
What is the annual or renewal fee?
From the second year onwards, an annual fee of Rs. 749 plus GST is charged to your card account.
Is there an annual fee waiver option?
No, there is no waiver option available for the annual fee based on spending thresholds. Expect to pay the Rs. 749 fee every year.
When will the annual fee be billed?
The annual fee is billed exactly 12 months after your card activation date, on your card anniversary month.
How can I get this card lifetime free?
Currently, the standard card is not lifetime free. Special lifetime free offers are frequently extended to employees of Tier-1 corporate partners who hold salary accounts with Kotak Mahindra Bank.
Are taxes included in the fee amounts?
No, the Rs. 1499 joining fee and Rs. 749 annual fee are exclusive of GST. A standard 18% GST will be added to these charges on your bill.
Can I cancel the card before the annual fee hits?
Yes, you can initiate a card closure request before your membership anniversary to avoid the upcoming Rs. 749 annual fee.
What happens if I forget to pay the joining fee on my first bill?
Failing to pay the joining fee by the due date will attract late payment charges up to Rs. 1300 and high interest rates on the outstanding balance.
Eligibility
Age
Criteria*
21-65 years
Salary
Criteria*
3LPA
Credit
Rating*
720+
New to credit
allowed
No
Existing Bank
Customer Allowed
Yes
Applying for the Kotak Essentia Platinum credit card requires meeting specific age, income, and credit ...
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Applying for the Kotak Essentia Platinum credit card requires meeting specific age, income, and credit ...
Applying for the Kotak Essentia Platinum credit card requires meeting specific age, income, and credit score thresholds. The primary applicant must be at least 21 years old and a maximum of 65 years old. This age bracket applies to both salaried professionals and self-employed individuals.
Financially, you need a minimum monthly income of Rs. 25,000. Annually, this equates to 3 Lakh for both salaried workers and self-employed business owners. The bank also requires a solid credit history, mandating a minimum CRIF score of 720. If you are a young professional earning Rs. 30,000 a month with a clean credit record, you easily qualify for this card.
View FAQ
Commonly Asked Questions
What is the minimum age to apply for this card?
The primary cardholder must be at least 21 years old to apply for the Kotak Essentia Platinum credit card.
What is the maximum age limit for the primary cardholder?
The upper age limit for eligibility is 65 years at the time of your application submission.
What is the minimum salary required for salaried applicants?
Salaried individuals need a minimum monthly income of Rs. 25,000, which equals an annual income of Rs. 3 lakh.
What is the minimum annual income for self-employed applicants?
Self-employed professionals and business owners must demonstrate an annual income of at least Rs. 3 lakh to qualify.
Can self-employed individuals apply for this card?
Yes, the card accepts applications from both salaried and self-employed individuals who meet the Rs. 3 lakh annual income requirement.
What credit score is needed for approval?
A minimum CRIF credit score of 720 is required for approval. Maintaining a clean payment history improves your chances significantly.
Will my application be rejected if my credit score is below 720?
Yes, a score below the 720 threshold leads to rejection. If your score is slightly lower, providing proof of a high-value fixed deposit or a strong existing banking relationship with Kotak Mahindra Bank will assist in the approval process.
Can I apply if I am exactly 21 years old?
Yes, as long as you have turned 21 and have the required monthly income of Rs. 25,000, you are eligible to apply.
Do I need to submit income proof during application?
Yes, you will need to provide salary slips or Income Tax Returns proving you meet the Rs. 3 lakh annual income criteria.
Can students apply for this card?
Students do not qualify unless they have a steady monthly income of Rs. 25,000 and meet the minimum age requirement of 21.
All Card Benefits
- Earn 10 Saving Points on every ₹100 spent at Departmental & Grocery Stores; 1 Saving Point = ₹1; applicable on transactions between ₹1,500 and ₹4,000; capped at 500 Saving Points (₹500) per billing cycle
- Earn 1 Saving Point on every ₹250 spent on all other categories (no restrictions)
- Get 6 complimentary PVR tickets or 1,200 Reward Points on spending ₹1,25,000 every 6 months (maximum 12 free PVR tickets per year)
Reward Points Structure
The core strength of the Kotak Essentia Platinum credit card lies in its gen...
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Reward Points Structure The core strength of the Kotak Essentia Platinum credit card lies in its gen...
Reward Points Structure
The core strength of the Kotak Essentia Platinum credit card lies in its generous cashback program. You earn 5% cashback on all online purchases and 1% cashback on offline purchases. The maximum cashback you can earn per statement cycle is capped at Rs. 5000. Your earnings are tracked as Saving Points, where 1 Saving Point is strictly equal to Rs. 1.
Let us look at a practical example. If you spend Rs. 40,000 online for a new laptop, you earn Rs. 2000 in cashback. If you spend another Rs. 10,000 offline at a local grocery store, you earn Rs. 100 cashback. Your total earnings for the month sit at Rs. 2100, which provides massive ongoing value.
Movie and Entertainment Perks
For entertainment lovers, the card provides a straightforward 10% cashback on movie tickets booked at selected cinemas and platforms. Additionally, the card features a strong milestone program. If you spend Rs. 1,25,000 every 6 months, you receive either 4 free PVR tickets or Rs. 750 cashback. You can enjoy a maximum of 8 free PVR tickets or Rs. 1500 in milestone cashback every year.
For example, if you spend Rs. 21,000 monthly on regular expenses, you easily hit the Rs. 1,25,000 target in six months. Getting Rs. 750 cashback twice a year offsets the entire Rs. 749 annual fee automatically.
Dining Benefits
The Kotak Essentia Platinum credit card includes a unique dining provision. You earn 5% cashback on online dining payments at restaurants. This structure allows you to save money when ordering food online. For example, if you spend Rs. 2000 on food delivery, you save Rs. 100 on that transaction.
Fuel Surcharge Waiver Benefits
While you do not earn reward points on fuel, you do get relief from extra charges at the pump. The card provides a 1% fuel surcharge waiver for transactions made between Rs. 500 and Rs. 3,000. The maximum waiver you can claim is Rs. 100 per billing cycle.
If you fill up your tank for Rs. 2000, the standard Rs. 20 surcharge is reversed. To hit the Rs. 100 monthly cap, you would need to spend Rs. 10,000 on fuel across the month in eligible transaction sizes.
View FAQ
Commonly Asked Questions
What is the standard reward rate on this card?
You earn 5% cashback on online transactions and 1% cashback on offline transactions. Your earnings are calculated as Saving Points, providing a direct and clear reward rate.
What is the value of 1 Saving Point in rupees?
Each Saving Point is valued at Rs. 1. If you accumulate 500 Saving Points, you have exactly Rs. 500 ready for redemption.
Is there a monthly limit on how much cashback I can earn?
Yes, the maximum cashback you can earn per statement cycle is Rs. 5000. To hit this cap, you would need to spend Rs. 1,00,000 purely on 5% online categories in a single month.
Which transactions are excluded from earning reward points?
You will not earn cashback on rent payments, fuel, EMI transactions, cash withdrawals, jewellery, school and educational services, government transactions, wallet loads, fees, gambling, tolls, charity, railways, and utility bill payments.
Do I earn points on fuel purchases?
No, fuel spends are completely excluded from earning any cashback or Saving Points on this card.
Do I earn points on utility bill payments?
No, utility bill payments like electricity, water, and gas bills do not earn any cashback on the Kotak Essentia Platinum credit card.
Do I earn points on rent payments?
No, rent payments are excluded from the cashback program. Plus, you will be charged a 1% fee for paying rent with your credit card.
How do I maximize my reward points?
Use this card for all your digital shopping, such as ordering electronics, clothes, or groceries online, to guarantee the 5% cashback rate. Shift utility and rent payments to a different card to avoid non-rewarding spends.
Are there any bonus points for reaching spending targets?
Yes, there is a milestone benefit. If you spend Rs. 1,25,000 every 6 months, you receive 4 free PVR tickets or Rs. 750 cashback as a bonus.
Can I earn cashback on wallet top-ups?
No, loading money into mobile wallets like Paytm or Amazon Pay is excluded from earning any cashback.
How much cashback do I get on movie tickets?
You get 10% cashback on movie tickets at selected cinemas and platforms. If you spend Rs. 1000 on tickets, you receive Rs. 100 back.
What is the milestone benefit on this card?
Spend Rs. 1,25,000 every 6 months to earn 4 free PVR tickets or Rs. 750 cashback. This rewards consistent spending with tangible entertainment value.
What is the maximum milestone benefit I can earn in a year?
You can earn a maximum of 8 free PVR tickets or Rs. 1500 cashback every year by meeting the six-month spending milestones twice.
Are the movie ticket cashbacks included in the Rs. 5000 monthly cap?
Yes, the overall maximum cashback per statement cycle across categories remains Rs. 5000. Frequent movie-goers can maximize this limit by booking through partner platforms to ensure all entertainment spends contribute to the monthly savings cap.
Can I choose the milestone cashback instead of PVR tickets?
Yes, the bank gives you the flexibility to choose between 4 PVR tickets or Rs. 750 cashback when you hit the milestone.
How much cashback do I earn on dining?
You earn 5% cashback on online dining payments. Spending Rs. 1000 online at restaurants earns you Rs. 50 back.
Does this apply to offline restaurant dining?
No, the 5% cashback specifically targets online dining payments. Standard offline swipes fall under the regular 1% offline cashback rate.
Is the dining cashback part of the monthly cap?
Yes, all cashback earnings, including the 5% on dining, contribute toward your Rs. 5000 maximum statement cycle cap.
What happens if I order food through a utility app?
Transactions classified under utility or wallet codes are excluded. Always ensure the payment gateway registers the transaction as a dining or restaurant purchase.
Do I get a fuel surcharge waiver?
Yes, you get a 1% fuel surcharge waiver. If you swipe your card for Rs. 1500 at a petrol pump, the Rs. 15 surcharge is waived off.
What is the minimum transaction required for the fuel waiver?
You must swipe your card for at least Rs. 500 to qualify for the surcharge waiver. Transactions of Rs. 499 or below will attract the full surcharge.
What is the maximum transaction amount allowed for the waiver?
The maximum eligible swipe is Rs. 3,000. Large swipes above this amount will not trigger the surcharge waiver benefit.
What is the maximum waiver I can get in a month?
The fuel surcharge waiver is strictly capped at Rs. 100 per billing cycle, allowing you up to Rs. 10,000 in fee-free fuel purchases monthly.
Milestone Benefits
2400 reward points(Worth ~ ₹2,400)
Spend ₹1,25,000 in 180 days
How to Redeem Rewards & Cashback?
Rewards Conversion Rate
1 Saving Point = ₹1
Redemption Options
- Mobile Recharge
- E-vouchers
- Travel (Flights and Hotels)
- Cashback
To check redemption catalogue
Redeeming the value you generate on the Kotak Essentia Platinum credit card is highly straightforward b...
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Redeeming the value you generate on the Kotak Essentia Platinum credit card is highly straightforward b...
Redeeming the value you generate on the Kotak Essentia Platinum credit card is highly straightforward because of the clear conversion rate. Your earnings are tracked as Saving Points, and 1 Saving Point is equal to Rs. 1. You manage all your points via the dedicated redemption portal at https://kotakrewards.com/.
For example, if you accumulate 2000 Saving Points from online shopping over two months, you have Rs. 2000 worth of value waiting. You can log into the Kotak Rewards portal, browse the available redemption options like vouchers or products, and check out without paying any redemption fee. Because the reward redemption fee is explicitly noted as "Not Applicable", the points you earn retain their exact 1:1 monetary value.
View FAQ
Commonly Asked Questions
How do I redeem the cashback or reward points I have earned?
You need to log into the official rewards portal at https://kotakrewards.com/ using your card credentials to view and redeem your balance.
What is the value I get when I redeem reward points?
The conversion rate is incredibly clear: 1 Saving Point equals Rs. 1. If you redeem 1000 points, you get exactly Rs. 1000 in value.
Is there a fee for redeeming my rewards or cashback?
No fee is charged when redeeming reward points on this card. Every point you earn gives you full value without hidden processing charges.
What can I redeem my reward points for?
The portal offers a wide range of popular brand vouchers from Amazon, Flipkart, and Myntra. You can also redeem points for products available in the Kotak Rewards catalogue.
Do my reward points expire?
Points expire 2 years from the date of accumulation, giving you ample time to plan your redemptions.
Can I transfer my points to another credit card?
No, Saving Points earned on the Kotak Essentia Platinum credit card cannot be transferred to different accounts or other bank credit cards.
Is there a minimum point balance needed before I can redeem?
You can initiate redemption once your balance reaches 500 Saving Points. Most vouchers and redemption options are available starting at this threshold.
Bank Exclusions
You will not earn points / cashback on spends in the following categories
For Points / Cashback Earnings
Rent payment
Fuel
EMI Transactions
Cash Withdrawals
Jewellery
School & Educational Services
Government related transactions
Wallet transactions - Load money
Fees
GST charges
All Reversals
Gambling
Tolls
Security Broker Services
Charity
Railways
Utility Bill Payments
Balance Transfer
Financial Charges
For Spends Waiver
Rent payment
Fuel
Insurance
EMI Transactions
Cash Withdrawals
Jewellery
School & Educational Services
Government related transactions
Wallet transactions - Load money
Fees
GST charges
All Reversals
Gambling
Tolls
Security Broker Services
Charity
Railways
Utility Bill Payments
Balance Transfer
Financial Charges
Understanding what does not earn rewards is vital for maximizing the Kotak Essentia Platinum credit car...
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Understanding what does not earn rewards is vital for maximizing the Kotak Essentia Platinum credit car...
Understanding what does not earn rewards is vital for maximizing the Kotak Essentia Platinum credit card. The bank enforces a strict exclusion list. You will not earn any cashback or points on rent payments, fuel purchases, insurance payments, or EMI transactions. Cash withdrawals, jewellery purchases, school and educational services, and government-related transactions are also completely excluded.
Furthermore, loading money into wallets, paying fees or GST charges, gambling, paying tolls, security broker services, charity donations, railway bookings, utility bill payments, balance transfers, and financial charges yield zero rewards. For instance, if you pay a Rs. 15,000 school fee and a Rs. 5000 electricity bill through this card, you earn nothing on that Rs. 20,000 spend. Always verify the merchant category before making large payments expecting 5% back.
View FAQ
Commonly Asked Questions
Which transactions do not earn rewards or cashback on this card?
Transactions like rent, fuel, EMI conversions, cash withdrawals, jewellery, education, government services, wallet loads, railways, utility bills, and insurance do not earn any cashback.
Are fuel transactions excluded from earning rewards?
Yes, fuel transactions are completely excluded from earning cashback, though you do receive a 1% surcharge waiver on eligible swipes.
Does paying rent with this card earn cashback or reward points?
No, rent payments earn zero cashback. Furthermore, processing rent transactions will attract an additional 1% fee on the paid amount.
Are education or school fee payments excluded from earning rewards?
Yes, payments made for school and educational services are explicitly listed on the exclusion list and do not accumulate Saving Points.
Do wallet top-ups or gift card purchases earn rewards on this card?
No, loading money into digital wallets like Amazon Pay or Paytm is excluded from the reward structure.
Are utility bill payments such as electricity and water excluded?
Yes, paying your utility bills through this card will not earn you any cashback or Saving Points.
Are EMI transactions eligible for cashback?
No, if you convert a purchase into an EMI, you forfeit the cashback earnings on that specific transaction.
Does the Rs. 5000 monthly cap apply to overall spends?
Yes, all eligible 5% and 1% spends count toward the strict Rs. 5000 maximum cashback limit per statement cycle.
Bank Fee Structure
| Structure | Details |
|---|---|
Forex Markups  3.5% forex markup is charged on transactions made in currencies other than INR. Applies to international POS payments and online purchases charged in foreign currency. | 3.50% |
APR Fees Finance charges of 3.50% per month (42% per annum) apply on unpaid outstanding balances until the amount is fully repaid | 3.50% |
ATM withdrawal 3% of the withdrawn amount is charged on cash advances using the credit card (minimum ₹300, if applicable). | 3% |
Reward Redemption Fees No fee is charged when redeeming reward points on this card. | Not Applicable |
Link for all T&Cs | Click Here |
Railway Surcharge A railway booking surcharge of 1.80% for online transactions and 2.50% for other bookings is applied, with additional bank charges and taxes recovered at actuals. | 1.80% |
Rent Payment Fees 1% of the transaction amount is charged as a fee on rent payment transactions, subject to applicable GST and platform charges | 1% |
cheque Payment Fees No cheque payment fee is charged | Not Applicable |
Cash Payment Fees ₹100 cash payment fee per deposit | ₹100 |
| Late Payment Fees | Amount Due |
|---|---|
| ₹0 - ₹500 | ₹100 |
| ₹501 - ₹10000 | ₹500 |
| Above ₹10000 | ₹700 |
Understanding the exact costs associated with the Kotak Essentia Platinum credit card helps you avoid...
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Understanding the exact costs associated with the Kotak Essentia Platinum credit card helps you avoid...
Understanding the exact costs associated with the Kotak Essentia Platinum credit card helps you avoid surprise charges. Below is a detailed breakdown of every fee you might encounter while using this card.
First, the joining fee is Rs. 1499 plus GST. This is a one-time cost applied to your first statement. Since there are no welcome benefits to offset this, your actual cost of acquiring the card is exactly Rs. 1499 plus taxes.
Second, the annual or renewal fee is Rs. 749 plus GST, charged from the second year onwards. There are no direct waiver conditions for the annual fee, requiring a payment of Rs. 749 on your card membership anniversary every year. Even if you spend Rs. 5 lakh a year, you will still pay the Rs. 749 renewal fee.
Third, the interest rate (APR) is 1.99% per month, which annualizes to 23.88% on unpaid balances. If you carry a balance of Rs. 10,000 into the next month, you will be charged Rs. 199 in interest alone for that billing cycle.
Fourth, late payment charges are heavily tiered. The fees range from Rs. 0 for balances under Rs. 500, up to Rs. 1300 for massive balances. For example, if you forget to pay a Rs. 3,000 outstanding bill, a late fine of Rs. 500 is applied to your account immediately.
Fifth, the forex markup fee is 2% on transactions made in non-INR currencies. If you travel abroad and swipe the card for a USD equivalent of Rs. 10,000, the bank charges an extra Rs. 200 simply for the currency conversion.
Sixth, withdrawing cash is expensive. An ATM withdrawal fee of 2.5% of the withdrawn amount applies, with a minimum charge of Rs. 500. If you pull Rs. 10,000 in cash from an ATM, a strict Rs. 500 fee is slapped on your statement immediately.
Seventh, paying rent with this card incurs a 1% convenience fee. If you transfer Rs. 20,000 to your landlord using this card via a rent payment portal, the bank adds a Rs. 200 fee, making rent payments costly and unrewarding.
Eighth, railway bookings carry a 1% surcharge. However, 1% of the transaction amount will be waived off as a charge reversal on bookings made via the IRCTC mobile app or website, capped at Rs. 1000 per month. A Rs. 3000 ticket booking will see the Rs. 30 charge safely reversed.
Ninth, paying your credit card bill with physical cash at a branch carries a cash payment fee of Rs. 100. Always pay your bills online through apps or net banking to keep this Rs. 100 in your pocket.
Tenth, dropping a physical cheque to clear your dues incurs a cheque payment fee of Rs. 100. Just like cash, settling a Rs. 5000 bill with a cheque means your account gets debited an extra Rs. 100 for processing.
Eleventh, the reward redemption fee is Not Applicable. When you decide to turn 1000 Saving Points into a Rs. 1000 voucher, zero processing fees are deducted, meaning you retain 100% of your earned value.
| Fee Type | Amount / Rate |
|---|---|
| Joining Fee | Rs. 1499 |
| Annual Fee | Rs. 749 |
| Interest Rate (APR) | 1.99% per month (23.88% annually) |
| Late Payment Charges | Rs. 0 to Rs. 1300 based on balance slab |
| Forex Markup Fee | 2% |
| Cash Withdrawal Fee | 2.5% (Minimum Rs. 500) |
| Rent Payment Fee | 1% of transaction amount |
| Railway Surcharge | 1% (waived via IRCTC app up to Rs. 1000/mo) |
| Cash Payment Fee | Rs. 100 |
| Cheque Payment Fee | Rs. 100 |
| Reward Redemption Fee | Not Applicable (Rs. 0) |
View FAQ
Commonly Asked Questions
What are the joining fees for this card?
The card comes with a one-time joining fee of Rs. 1499 plus taxes applied to your first statement.
What is the annual or renewal fee?
You will be charged an annual renewal fee of Rs. 749 plus taxes starting from the second year.
Is there an annual fee waiver based on spending?
No, there is no annual fee waiver on this card. The Rs. 749 fee is mandatory every year regardless of your spends.
What is the interest rate if I don't pay my full balance?
Interest is charged at 1.99% per month, which works out to 23.88% per annum, on unpaid balances.
How is the interest calculated on outstanding balances?
Interest accrues daily on your unpaid amount. Leaving a Rs. 20,000 balance unpaid will cost you roughly Rs. 398 in interest for a single month.
What are the late payment charges?
Late fees range from Rs. 0 for small balances to Rs. 1300 for balances exceeding Rs. 50,000.
Is the late payment fee different based on outstanding amount?
Yes, the fee increases with your balance. A balance of Rs. 3000 attracts a Rs. 500 fee, while a Rs. 15,000 balance triggers a Rs. 750 fee.
What is the forex markup for international transactions?
The card charges a 2% forex markup. Spending Rs. 50,000 equivalent on an international site adds a Rs. 1000 fee to your bill.
Can I withdraw cash using my credit card?
Yes, but it is highly expensive. A 2.5% fee applies to cash advances, with a minimum charge of Rs. 500.
Are there fees for paying rent with this card?
Yes, paying rent via credit card portals incurs a 1% fee. A Rs. 15,000 rent payment will cost you an extra Rs. 150.
Is there a fee for paying my bill in cash?
Yes, depositing physical cash at a bank branch to pay your credit card bill results in a Rs. 100 processing fee.
What are the charges for cheque payment of bills?
Clearing your bill via cheque also attracts a Rs. 100 fee. Use free online payment methods like NEFT or UPI instead.
Are there charges for railway ticket bookings?
A 1% surcharge applies, but it is waived off (reversed) for bookings made via the official IRCTC app or website, up to Rs. 1000 monthly.
Is there a fee to redeem my reward points?
No, reward redemption is free of charge. Your accumulated Saving Points can be converted without paying any penalty or processing fee.
Documents Required
To process your application smoothly, you must provide proof of identity, address, and income. Having these ready prevents unnecessary delays.
You need your PAN Card as the primary identity document. For address proof, an Aadhaar Card, Passport, or Voter ID is acceptable. To prove your income, salaried employees should provide their latest two months' salary slips and the last three months' bank statements showing salary credits. Self-employed applicants must submit their latest Income Tax Return (ITR) computation along with business continuation proof.
View FAQ
Commonly Asked Questions
What identity proof is required for application?
You must provide your original PAN card and a valid Aadhaar card for KYC verification.
What income proof do salaried applicants need?
Salaried individuals must submit their latest 2 months' salary slips and recent bank statements showing the Rs. 25,000 salary credits.
What income documents are needed for self-employed applicants?
Self-employed applicants need to submit their latest Income Tax Returns (ITR) computing an annual income of at least Rs. 3 lakh.
Do I need to submit address proof separately?
If the address on your Aadhaar card is your current address, it serves as sufficient address proof during Video KYC.
Can I use my passport as address proof?
Yes, a valid Indian passport is widely accepted as strong address and identity proof for credit card applications.
Are digital copies of documents accepted?
During online application, you upload digital copies. However, during Video KYC, you must show the original physical PAN card to the camera.
Do I need to sign physical documents?
During the Video KYC process, you will be asked to do a live signature on a blank sheet of paper to capture your specimen signature.
Who Should Get This Card?
The Kotak Essentia Platinum credit card is engineered for the heavy online shopper. If you buy electronics, order clothes, and manage your lifestyle purchases digitally, the 5% cashback rate ensures high returns. With the ability to earn up to Rs. 5000 a month, families or individuals with heavy household expenses will maximize the card's value effortlessly.
However, if you are someone who spends predominantly on travel, utility bills, or fuel, this card will disappoint you. The massive exclusion list blocks rewards on rent and utilities, making it a poor choice for essential monthly bill payments. Keep this card strictly for retail shopping and movie tickets.
Credit Limit and What to Expect
The credit limit on your Kotak Essentia Platinum credit card is determined internally by the bank during the application evaluation. Factors like your current Rs. 25,000 minimum monthly salary, your 720+ CRIF score, and existing debt obligations play a massive role. Higher incomes and flawless repayment records naturally attract higher starting credit limits. The bank reviews accounts periodically, offering limit enhancements to users who consistently spend and pay their bills in full.
View FAQ
Commonly Asked Questions
How does the bank decide my credit limit?
The bank evaluates your monthly income, existing loan obligations, and your CRIF credit score to assign a safe and appropriate credit limit.
Will I get a high limit if my salary is exactly Rs. 25,000?
If you meet the minimum income criteria of Rs. 25,000, the starting limit for this income bracket is Rs. 40,000 to Rs. 75,000. Higher limits are reserved for higher income brackets.
Can I request a credit limit increase later?
Yes, after 6 to 12 months of responsible usage and timely payments, you can request the bank to evaluate your profile for a limit increase.
Does applying for the card hurt my credit score?
The final application triggers a hard inquiry on your credit report, which can cause a temporary dip of a few points in your CRIF score.
What happens if I spend more than my credit limit?
Transactions exceeding your limit are declined. If an over-limit transaction passes, the bank will charge a hefty over-limit penalty fee.
Can I check my approved limit before receiving the physical card?
Yes, once approved, the virtual card details and the assigned credit limit are typically visible in the bank's official mobile application.
How to Apply?
Applying for the Kotak Essentia Platinum credit card is a direct online process. You can start the application via the bank's official website or a trusted partner portal. Fill out your basic details, verify your phone number with an OTP, and enter your employment and income information. Once the initial step clears, you will proceed to the Video KYC phase, which removes the need to visit a physical bank branch.
Ensure you have your original PAN card ready, sit in a well-lit room, and maintain a strong internet connection. Keep in mind that geographic restrictions apply during Video KYC, so complete the call from your registered address location.
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Commonly Asked Questions
Where can I apply for this credit card?
You can apply online through the bank's official portal or through authorized third-party financial platforms.
What is Video KYC and is it mandatory?
Video KYC is an online verification process where an agent checks your original PAN card over a video call. It is mandatory for completing online applications.
What do I need for a successful Video KYC call?
Keep your original physical PAN card handy, have a blank paper and pen for a live signature, and ensure a stable internet connection.
How can I track my application status?
You will receive an Application Reference Number via SMS. Use this number on the bank's tracking portal to check your real-time status.
How long does the approval process take?
If your Video KYC and income documents pass the checks, approval takes 5 to 7 working days. If processing takes longer than a week, check the status portal to ensure no additional documentation is required.
Do I need to visit a branch to complete the application?
No, the entire process from form submission to Video KYC can be completed digitally from your home or office.
What happens if my Video KYC fails?
If the video call drops or fails due to network issues, a bank representative will contact you to arrange physical document collection.
Can I apply offline?
Yes, if you prefer the traditional route, you can visit the nearest bank branch and fill out a physical application form with your documents.
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Top Benefits
Top Benefits
Earn 10 Saving Points
for Every ₹100 spent at Departmental & Grocery Stores, on transactions between ₹1,500 and ₹4,000, with a maximum of 500 Saving Points per month (worth ₹500)
Get Free PVR Tickets
or 1,200 Reward Points on spending ₹1,25,000 every 6 months, with a maximum of 12 free tickets per year valid on any day and any show
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